Griffin Land Acquires 70% Interest in Two Windsor, CT Buildings

WINDSOR, CT-New York City-based Griffin Land & Nurseries Inc. reports its real estate division, Griffin Land, has closed on its acquisition of the remaining 70% interest in two, 80,000-sf office buildings here.

The firm purchased the interest in 5 and 7 Waterside Crossing from USAA Real Estate Company. The office buildings are located in Griffin Center, an office building complex situated on 650 acres of land in Windsor, CT. Griffin Land previously held a 30% interest in the 5 and 7 Waterside Crossing buildings. The firm says it has also entered into a commitment with a bank for a permanent mortgage on the buildings. The mortgage is expected to close later this month. However, the company refused to divulge the purchase price for the remaining interests in the two properties.

Anthony Galici, chief financial officer of Griffin Land & Nurseries, says that the two buildings are approximately 95% occupied. Major tenants in the buildings include TRC Environmental, which leases 40,000 sf of space; The Hartford, which has approximately 35,000 sf of space and Rattel Medical Corp., which has a presence in both buildings. The firm leases approximately 45,000 sf of space.

Griffin Land helped master plan the Griffin Center office park, which currently consists of approximately 1.5 million sf of existing space.

Recently, the firm broke ground on 21 Griffin Road North, a speculative 50,000-sf office building at Griffin Center office park, according to Tim Lescallet, company senior vice president. The firm has plans to build another 50,000 sf building nearby.

Lescallet says that the firm has already begun marketing the property and is in talks with a number of interested tenants who are looking to lease anywhere from 5,000 sf to the entire building. The company hopes to complete construction on the project by the spring of 2003.

The firm also recently broke ground on a speculative industrial property – 75 International Drive, a 115,000-sf high bay warehouse that is being built at its New England Tradeport industrial park in Windsor and the town of East Granby, located near Bradley International Airport.

Lescallet notes that Griffin Land hopes to complete that project by as early as July of 2003.